Weekly gold market review 10.06.15

On Thursday 4 gold investors faced rather favorable gold prices with $1,185.75 per ounce; however the weak price of silver dragged the rest of precious metals' prices down in spite of the also weak dollar – with an index drop to 95.21. The drop that day of gold prices was to $1,173 per ounce.

On Friday 5 gold prices rose to $1,178.03 per ounce before undergoing a sharp rapid descent to $1,165.55 per ounce, mainly given the focus of investors in falling bond prices. On the contrary, gold prices gained in Asia, as Greece announced the delay of the debt payment.

Over the weekend, the price of gold remained stable in $1,171.87 per ounce, while in the whole market there was a certain optimism in the air regarding the future of the Hellenic country which was about to be decided on 7 and 8 in Germany by Germany, France, the United Kingdom, Italy, Japan, the United States of America and Canada, including the European Commission.

Greece's debt was on the top of the list, as one of the main objectives of the summit has been to orchestrate some orderly default. While the IMF, European Central Bank and now G7 is now pushing Greece to reform the economy cutting salaries and pensions, Greece's government, undeterred by that push, is determined to clinch a better deal.

Other of the main topics were the sanctions against Russia. It shall be recalled that Russia is one of the main gold producing countries and its international relationships influence the whole gold market, as well as the price of this precious metal.

On Monday 8, gold prices slightly dropped to $1,170.76 per ounce before climbing back to a range above $1,175 per ounce. After experimenting ups and downs, on Tuesday 9 there were signs of recovery when gold prices reached $1,181.95 per ounce which continued on Wednesday 10 between a range of $1,176 and $1,181.

Share the most relevants events that took place this week in the gold world!